McHenry County College (MCC) is offering a three-session continuing education series to prepare tax professionals for the recent federal tax changes. The first session features the IRS Fresh Start Program from 6-7:30 p.m. on Tuesday, Nov. 8, followed by sessions on Dec. 13 and Jan. 10, 2012. Each session will feature current topics presented by an IRS employee.
According to Ann Esarco, MCC tax instructor, the federal tax changes are in response to the economy in an effort to help individuals and small businesses stay current on their taxes without adding financial burden.
“The IRS is taking a step back and will start rewarding installment collections that are made on a regular basis by removing liens on property,” Esarco said. “IRS officials want taxpayers to get back on their feet without undue harm,” she said. “This is unprecedented to have a procedure for simple lien removal while installment payments are in process,” Esarco said.
For example, a business person who has tax liens removed will improve his or her chances to obtain additional credit lines from suppliers and business loans, Esarco added.
The following sessions are accepting registration:
IRS Fresh Start Program, 6-7:30 p.m. on Tuesday, Nov. 8 in Room B168. Register using course ID: USB U51 001. An overview of new policies and programs will be featured. The new policies and programs include: significantly increasing the dollar threshold when liens are generally issued, resulting in fewer tax liens; easy-to-obtain lien withdrawals after paying a tax bill, withdrawing liens in most cases where someone enters into a Direct Debit Installment Agreement, easier access to installment agreements for more struggling small businesses, and expanding a streamlined offer-in-compromise program to cover more taxpayers.
"We are making fundamental changes to our lien system and other collection tools that will help taxpayers and give them a fresh start," IRS Commissioner Doug Shulman said in a recently issued IRS news release. "These steps are good for people facing tough times, and they reflect a responsible approach for the tax system."
PTIN’s for Everyone is the topic of the second session from 6-7:30 p.m. on Tuesday, Dec. 13 in Room B166. Register using course ID: USB U50 001. Features Background Checks, Testing, and Preparers’ Tax ID Number (PTIN) Renewal. PTINs that were obtained for the 2011 filing season will expire on December 31 and preparers must renew their PTIN before Jan. 1, 2012. Some preparers will have additional requirements in the future. Supervised preparers and non-1040 preparers will need to renew their PTIN annually and submit fingerprints for a background check.
Tax Law Updates is the featured topic from 6-7:30 p.m. on Tuesday, Jan. 10, 2012. The presentation will cover the numerous tax law changes that will impact the filing of the 2011 returns.
Cost is $15 per session and includes a light dinner. Attendees will receive one hour of Continuing Professional Education (CPE) credit per session. More educational opportunities are planned to begin after tax season.
To register, call the MCC Registration Office at (815) 455-8588. For more information, call the MCC Continuing and Professional Education Department at (815) 479-7879.
According to Ann Esarco, MCC tax instructor, the federal tax changes are in response to the economy in an effort to help individuals and small businesses stay current on their taxes without adding financial burden.
“The IRS is taking a step back and will start rewarding installment collections that are made on a regular basis by removing liens on property,” Esarco said. “IRS officials want taxpayers to get back on their feet without undue harm,” she said. “This is unprecedented to have a procedure for simple lien removal while installment payments are in process,” Esarco said.
For example, a business person who has tax liens removed will improve his or her chances to obtain additional credit lines from suppliers and business loans, Esarco added.
The following sessions are accepting registration:
IRS Fresh Start Program, 6-7:30 p.m. on Tuesday, Nov. 8 in Room B168. Register using course ID: USB U51 001. An overview of new policies and programs will be featured. The new policies and programs include: significantly increasing the dollar threshold when liens are generally issued, resulting in fewer tax liens; easy-to-obtain lien withdrawals after paying a tax bill, withdrawing liens in most cases where someone enters into a Direct Debit Installment Agreement, easier access to installment agreements for more struggling small businesses, and expanding a streamlined offer-in-compromise program to cover more taxpayers.
"We are making fundamental changes to our lien system and other collection tools that will help taxpayers and give them a fresh start," IRS Commissioner Doug Shulman said in a recently issued IRS news release. "These steps are good for people facing tough times, and they reflect a responsible approach for the tax system."
PTIN’s for Everyone is the topic of the second session from 6-7:30 p.m. on Tuesday, Dec. 13 in Room B166. Register using course ID: USB U50 001. Features Background Checks, Testing, and Preparers’ Tax ID Number (PTIN) Renewal. PTINs that were obtained for the 2011 filing season will expire on December 31 and preparers must renew their PTIN before Jan. 1, 2012. Some preparers will have additional requirements in the future. Supervised preparers and non-1040 preparers will need to renew their PTIN annually and submit fingerprints for a background check.
Tax Law Updates is the featured topic from 6-7:30 p.m. on Tuesday, Jan. 10, 2012. The presentation will cover the numerous tax law changes that will impact the filing of the 2011 returns.
Cost is $15 per session and includes a light dinner. Attendees will receive one hour of Continuing Professional Education (CPE) credit per session. More educational opportunities are planned to begin after tax season.
To register, call the MCC Registration Office at (815) 455-8588. For more information, call the MCC Continuing and Professional Education Department at (815) 479-7879.
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